ICBC provides pre-financing for 60MW Waste-to-Energy (W2E) Power Plant Construction Project

In 2018, the Industrial and Commercial Bank of China (ICBC) signed a pre-financing agreement with Armech Group, a Ghana-based company, for the 60MW Waste-to-Energy (W2E) Power Plant Construction Project in Tema. The total project cost is USD 300 million but it is unclear how much is covered by this ICBC loan. The Government of Ghana did not provide a sovereign guarantee for this loan. The power plant was supposed to be developed as a Public-Private Partnership (PPP) between Armech Africa Limited and the Electric Company of Ghana, a state-owned entity. According to Andrew Quainoo, the Director of Armech Africa, the company had signed an agreement with Ghana's Ministry of Local Government and Rural Development for the construction of the plant, however as of March 2018, agreements had yet to be signed by Ghana's Ministry of Sanitation and Water Resources. China Energy Construction Co., Ltd. (CECC) was supposed to be the implementing contractor. A market survey commissioned by the Netherlands Enterprise Agency in July 2019 detailed there was an announcement for a second plant in Kumasi however noted that no significant updates have been provided for either project since the initial announcements.

Additional details

No update regarding the financing or construction have been founded. In the survey conducted by the Dutch government, it acknowledges that there aren't any new updates regarding this project.

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